Anna Vijee Market Research Perfecto Pizza

Market Research
Market research is finding out information about customers’ wants
and needs, it also allows the business to learn about the market and
how to best tailor their business get the best outcome.
If market research is not done it opens the business up to issues and
risks like developing a product/ service that customers will not use/
want and to avoid an unsuccessful product research must be put in.

Why is Market Research Important?

Market research is very important because if market research is not
done it opens the business up to issues and risks like developing a
product/ service that customers will not use/ want and to avoid an
unsuccessful product research must be put in. Carrying out market
research is important because not only is it important that you find out
what your company needs to do to achieve its goals but also potential
customer like and dislike, for example for Perfecto Pizza using
secondary research we can find out how customers change and what
attracts them this is important as you can see what has already been
done but as well as this using primary research allows you to find out
what people would like to see.

There are two types of research:

Anna Vijee Market Research Perfecto Pizza

Primary Research:
Primary research, also known as field research, is research that is
done by the business itself. As the data does not exist, they must use
different methods to gather their information.
Advantages: Disadvantages:
 Tailored for the business.  Expensive to carry out.
 Competitors will not have access  It can be very time
to the information. consuming.

 Easier to target the business/  Takes a lot of work to

customers want and needs. complete.
 Up-to date and relevant to the  Information may not always
business. be specifically, what is needed.

Secondary Research
Secondary research, also known as desk research, is research and data
that already exists and can be found easier and faster.

Advantages: Disadvantages:
 Cheaper to find  May not be relevant to
business
 Wide range of information  Accessible to competitors
 Already exists  Out – of - date information
 Time efficient  Information may not target
customer needs/wants

Method Definition Advantage Disadvantage

Observations Watching  It allows the business to see  It is very costly and
customers in customers through a more takes a lot of
Anna Vijee Market Research Perfecto Pizza

(Primary) real life natural light and this is expenses such as

situations like, beneficial. transport as
in stores, gathering
towns or using information from
products/ multiple various
services. places is most
effective.
Focus A small group  Understand what the  It can be expensive
Groups of people customer needs and wants by to carry out as well
sharing their listening to them and talking as the results not
(Primary) to them face-to-face and being a detailed
opinions
and answering hearing their feedback. depiction of the
questions business target
given. group.

Surveys Information  They are usually cheap and  Answers may not
given by moderately easy to organise. be as detailed or as
(Primary) accurate as needed
questions with
option-based as it is only
answers. multiple choice.

Questionnair Information  Cheap, practical and  Answers may not

e given by information is quick to gather be as details as
answering needed or hard to
(Primary) understand
questions in
their own
words.
Consumer Customer  You can get critical feedback  It can be costly and
Trials opinions and and what the product needs takes time to gather
answers based to do to be improved to reach accurate
(Primary) customer needs/wants. information.
on products
given to them
to try out.

Internet Data Data found  It is cheap and you can get a  Information may
from using wide range of results. not be relevant to
(Secondary) the business or not
online search
engines such as detailed.
as Google.
Books Research  It can be a very in-depth  Can be old, bias
found in overview of the subject not useful for the
(Secondary) needed. business.
books either
online or ones
Anna Vijee Market Research Perfecto Pizza

that can be
found in
libraries or
stores for
example.
Magazines Information  You can get opinions and  Not as reliable or
that can be views based on the research not the best quality
(Secondary) needed. as wanted.
gathered from
magazines
relating to the
business’
needs.
Newspapers Data found in  Information can be either  Information may
papers that news or opinions which be influenced by
(Secondary) include facts and figures. different ‘view’
can be found
either online like politics.
or found on
paper.
Competitors’ Information  You can see what the  Information can
Data which is competitors do to be stop your business
released by successful and what you need from being unique
(Secondary) to do better. if trying to be like
businesses
within the your competitors
same market.
Government Facts and  It is reliable and easy to  Information is open
Data figures access. for competitors to
provided by see.
(Secondary)
government
resources.

I will be using Surveys and questionnaires to carry out my market

research for the business challenge. The survey and questionnaire are
Anna Vijee Market Research Perfecto Pizza

relatively easy to manage and most suited for the business as it is

asking for people’s opinions on what they like best for a pizza service.
Using these methods will be cheap even though the results may not be
as detailed as needed I will be able to get an understanding to some
extent to what I need to do to reach the potential customers’ needs/
wants.

Results of my market research can be presented by using a google

form. This will be beneficial because I can see my results and
understand what people want easier as for the survey, I can get the
results in the form of a pie chart and the questionnaire can be
answered directly on the form. This being digital allows me to keep
my results safe as well as neat.